Acquisition, Media, Romania

16Feb2010

Editura Evenimentul si Capital, the Romania based media house, has acquired Evenimentul Zilei Daily, the Romanian based daily newspaper and Capital Weekly, the Romania based weekly economic and financial magazine, from Ringier Romania SRL, the Romania based publishing house, a division of Ringier AG, the Switzerland based publishing house, for a minimum consideration of EUR 8m.

As per the terms, Editura Evenimentul si Capital will acquire Evenimentul Zilei and Capital Weekly brands along with their satellites and editorial team. Bobby Paunescu, the private investor is the majority shareholder of Editura Evenimentul si Capital. Evenimentul Zilei posted revenues between EUR 4m and EUR 5m, while the Capital posted a turnover of approximately EUR 2m for the year 2009. This acquisition is in line with Ringier Romania's strategy to focus on its resources to digitalize the other brands. The transaction is subject to approval from competition authority.